The relationship between sales and compliance is crucial for the success of any business. Compliance means that a company or professional obeys the legal regulations and laws with regards to managing their affairs, their staff, and how they treat consumers or clients. Compliance ensures businesses and companies act responsibly. Here are some of the reasons compliance is important to the sales team.
1. Higher Productivity
Compliance to wages, safety, compensations, employee protections, and benefits creates a positive environment at the workplace. Employees are more dedicated to their work when they feel safe and well-compensated. Compliance helps your workforce to be more productive as it makes full effort to meet company goals.
2. Positive Reputation
The success of your profession or business is dependent on your public image. When your business is facing court cases for compliance issues, the public is definitely going to lose trust in you, and your sales will eventually drop. Compliance helps build the trust of consumers. For example, SOC 2 certification guarantees customers that their data is protected from theft and breaches. It also builds the loyalty of consumers since many consumers will return to a product or service from a company they find to be trustworthy.
Additionally, a business that is compliant with its industry’s rules and regulations usually attract sponsors and advertisers. When you have an effective compliance program, stakeholders are assured that compliance is a priority for your business. It demonstrates your dedication to doing business in the right way and upholding the highest ethical standards. According to Deloitte, the most successful companies view ethical, environmental, and social initiatives as an important part of their brand.
3. Consistent Brands Sell For You
It is difficult to sell your product or service to a person with no knowledge about your firm. Your brand helps you get recognition. Ensuring you are consistent with your proposals, presentations, and pitch documents make your brand appealing to prospects. Logos should be compliant with branding standards if you are to win over customers and increase your sales. You can get the latest brand collateral and guidelines from a centralized asset library. You will also find the right brand assets, and all your sales documents will be approved fast. You can also use branded corporate templates to make compliant documents in the shortest possible time.
4. Being Compliant Saves You Time
Many people find compliance to be time-consuming and an impediment to the business development process. However, if you have efficient processes, compliance is a time-saver. You can produce sales material faster with an online slide library. The library ensures you get up to date corporate stats and data. It also ensures your proposals and presentations adhere to regulations.
5. Avoid Complaints And Penalties
It is estimated that the UK banking system has spent £53bn on misconduct. Complaints to the Financial Ombudsman are on the increase hence the need to be sure that your processes are up to the industry’s standards. Falling short only results in financial penalties and increases the chances that your products and promotions will be pulled. There is also the risk of harming your reputation, which is very important to your brand. Reputation takes time, and money to repair and a poor reputation due to these complaints and penalties will drive down your sales.
To track your compliance requirements and avoid court cases, you need to have a compliance department in your organization. The department should be run by a Chief Compliance Officer. This department will monitor compliance issues, guidelines, projects, and cases. It is also important to have a compliance kit. These kits are software and databases that track information and audit court cases, performance management, and compliance risk management elements.
6. Better Information Governance
Compliance helps your sales team keep good and accurate records. Business records demonstrate compliance to auditors, regulators, and the general public. With an effective information governance program, your company assets are well categorized, consolidate, and analyzed. This helps your sales team make better decisions on marketing, promotions, advertisements, and other sales-related activities.
7. Attracts And Maintains The Right Talent
Effective compliance programs improve your ability to retain and attract higher quality and principled employees. In turn, this improves job satisfaction, employee morale, and employee retention. As a result, your sales team will generate more sales and improve your brand’s popularity in the industry.
8. Better Performance
Numerous studies have shown that businesses with strong compliance policies perform better than those without. One such study found that companies that use compliance software register better sales than those without. Organizations with above-average IT procedures, processes, and controls associated with how their personnel and systems comply with security and privacy regulations realize more profits than businesses with poor governance.
Summing It Up
Compliance is an important aspect to the sales team of any organization. Compliance does not only earn the trust of consumers, but it also improves the reputation of your brand, and drives sales upwards. Therefore, compliance is important to your sales team and affects the general performance of your business.